Orbotech Announces Organizational Changes to Promote New Growth Opportunities
YAVNE, Israel--(BUSINESS WIRE)-- ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced the creation of two new corporate units: "Strategy and Business Development" and "Global Product Organization".
The new Strategy and Business Development unit will be focused towards capitalizing on growth opportunities in new areas that are complementary to the Company's strength as a leader in digital production and yield-enhancing solutions for manufacturers of PCBs, FPDs and other electronic components. This is intended to enable Orbotech to leverage its core technological competencies and its global infrastructure to expand into new growth areas. This unit, which will be managed by Mr. Richard Klapholz, Executive Vice President for Strategy and Business Development, will have overall responsibility for the Company's business development activities and for its strategic plan. Mr. Klapholz has been with Orbotech for 15 years, serving in senior management positions, including most recently as Executive Vice President Electronics Business and, prior to that, as Corporate Vice President and President of the PCB Division at Orbotech Ltd. and earlier as President of Orbotech Pacific Ltd.
The Company's research and development activities will be reorganized under the umbrella of the Global Product Organization unit. This unit will focus on developing and implementing the Company's short and long term research and development strategy and on better positioning Orbotech to pursue new business opportunities. This organizational change is designed ultimately to benefit customers by improving the time to market for new and innovative products that will enable them to meet increasingly difficult challenges in the manufacture of sophisticated electronic components and devices. This unit will be managed by Mr. Yovav Sameah who will assume the position of Corporate Vice President and Chief Product Officer. Mr. Sameah has been with Orbotech for 14 years, serving most recently as Vice President for the Electronic Component Manufacturing Business and, prior to that, as Vice President for the Automated Optical Inspection Product Line.
Commenting on these organizational changes, which will become effective on September 1, 2013, Mr. Asher Levy, Chief Executive Officer at Orbotech Ltd., said: "These organizational changes are designed to establish growth as a top priority in the years to come. They will further leverage our core assets throughout the Company, enhance our agility and provide accelerated time-to-market capabilities, which will be needed to capitalize on the many emerging high growth areas in the electronics industry and adjacent sectors. We expect this to translate into new business for Orbotech in 2014 and beyond." Mr. Levy added: "Orbotech will continue to provide innovative solutions through research and development throughout various economic cycles, anticipate technological trends and invest in preserving its technological leadership."
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of the electronics industry supply chain, as an innovator of enabling technologies used in the manufacture of the world's most sophisticated consumer and industrial products, for over 30 years. The Company is a leading provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components; and today, virtually every electronic device is produced using Orbotech technology. The Company also applies its core expertise and resources in other advanced technology areas, including character recognition for check and forms processing and solar photovoltaic manufacturing. Headquartered in Israel and operating from multiple locations internationally, Orbotech's highly talented and inter-disciplinary professionals design, manufacture, sell and service the Company's end-to-end portfolio of solutions for the benefit of customers the world over. For more information please see the Company's filings with the U.S. Securities and Exchange Commission (the "SEC") at www.sec.gov. and visit the Company's corporate website at www.orbotech.com. The corporate website is not incorporated herein by reference and is included as an inactive textual reference only.
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information, the matters discussed in this press release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, future prospects, developments and business strategies and involve certain risks and uncertainties. The words "anticipate," "believe," "could,", "design," "will," "plan," "provide," "expect" and "would" and similar terms and phrases, including references to assumptions, have been used in this press release to identify forward-looking statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events affecting Orbotech and are subject to uncertainties and factors relating to its operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control. Many factors could cause the actual results to differ materially from those projected including, without limitation, the timing, terms and success of any strategic transaction, the outcome and impact of the pending criminal matter and ongoing investigation in Korea, including its impact on existing or future business opportunities in Korea and elsewhere, any civil actions related to the Korean Matter brought by third parties, including the Company's customers, which may result in monetary judgments or settlements, expenses associated with the Korean Matter, cyclicality in the industries in which the Company operates, the Company's production capacity, timing and occurrence of product acceptance, fluctuations in product mix, worldwide economic conditions generally, especially in the industries in which the Company operates, the timing and strength of product and service offerings by the Company and its competitors, the timing, terms and success of any new business development activities, including any strategic transaction, our ability to implement and deliver on the goals of the internal reorganization, our ability to develop innovative products, changes in business or pricing strategies, changes in the prevailing political and regulatory framework in which the relevant parties operate or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis, the level of consumer demand for sophisticated devices such as smartphones, tablets and other electronic devices and other risks detailed in the Company's SEC reports, including the Company's Annual Report on Form 20-F for the year ended December 31, 2012. The Company assumes no obligation to update the information in this press release to reflect new information, future events or otherwise, except as required by law.
Adrian Auman, +972-8-942-3560
Corporate Vice President Investor Relations
and Special Projects
Michelle Harnish, +1-603-289-7937
Marketing Communications Manager
KEYWORDS: Middle East Israel
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